Refund process for TMON, WeMakePrice customers to begin this week

[Photo by Yonhap]

Consumers who have been unable to receive refunds due to payment delays from cash-strapped TMON and WeMakePrice are set to see a resolution this week. Large payment gateway (PG) companies, which had previously refused to cancel transactions without reimbursement from the two firms, have agreed to initiate refund procedures under pressure from financial authorities.

Consequently, credit card companies that have insisted on PG companies canceling payments before issuing refunds are expected to follow suit.

On Monday, the government held an interagency meeting to discuss support measures for small business owners and self-employed individuals affected by the situation.

According to financial industry sources on Sunday, Toss Payments, a PG company, will start accepting dispute claims from TMON and WeMakePrice customers at 8 a.m. on July 29. Other PG companies, including NHN KCP and Danal, will also begin processing consumer dispute claims through their payment systems. Initially, the PG industry resisted the idea of providing refunds without reimbursement from TMON and WeMakePrice, arguing that it could lead to insolvency. However, they have since relented due to pressure from financial regulators and negative public opinion over the weekend.

Mobile payment companies have also joined the refund process. Naver Pay, Kakao Pay, and NHN PAYCO started accepting cancellation and refund requests for TMON and WeMakePrice transactions on Sunday. Notably, Naver Pay announced that refunds could be processed within 48 hours if customers attach screenshots of their payment and purchase screens.